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Apollo and Octavian snap up distressed debt in ProSieben

Apollo and Octavian have been quietly amassing a position in ProSieben’s debt, a move which could result in a face-off with Permira and Kohlberg Kravis & Roberts, buyout owners of the European commercial broadcasting giant.

It is believed that the hedge funds have been buying the troubled German broadcaster's debt for only 30 cents on the euro, effectively enabling them to become major creditors.

A leading media banker said that once Apollo and Octavian had built up a big proportion of the loans, they could try to force the private equity firms’ exit through a debt-for-equity swap.